Sports Business

Japanese golf buyout plays like a long par-4

22 Nov 2021

SoftBank-backed Fortress is paying $3.5 bln for Accordia’s collection of courses. The sport’s Covid-19 resurgence probably isn’t sustainable, so a valuation of over 10 times EBITDA adds some hazards. A few solid strategic shots, however, could make the investment green reachable.

Capital Calls: Canada Goose’s extra insulation

5 Nov 2021

Concise views on global finance: Shares in the winter-jacket firm flew up over 16% after the company reported a 40% rise in sales, but the company’s valuation still has some extra padding.

Sports pros play risky offense-only investing game

26 Oct 2021

Athletes like hoops star Kevin Durant and managers such as Billy “Moneyball” Beane are backing deals in the live entertainment and ticketing arena. Ebullience around resurging fan bases is validating crazy valuations. But in money as in sport, fundamentals will prevail over hope.

CVC bets Indian cricket will set richer boundaries

26 Oct 2021

The buyout fund beat a billionaire banker and tycoon for one of two new Indian Premier League franchises, which sold for a combined $1.7 bln. Its bid stacks up providing hype about the upcoming auction of media rights, held by Disney, is realised. A longer season will help too.

Capital Calls: Fantasy-sports group M&A flop

26 Oct 2021

Concise views on global finance: DraftKings has walked away from Entain but the UK target may still attract interest.

Newcastle bid suits Saudi more than UK soccer

7 Oct 2021

A consortium led by the kingdom’s Public Investment Fund may buy the northeastern club for 305 mln pounds. Saudi Arabia gets a storied team for a low price, and cheap PR. Yet having another deep-pocketed sovereign backer will further distort competition in British soccer.

Capital Calls: Facebook, TeamViewer, Audio M&A

6 Oct 2021

Concise views on global finance: Whistleblower Frances Haugen’s polished rollout is a warning for Big Tech; the video software specialist’s 25% share price fall shows the perils of growth stocks; hearing aid group GN snaps up headset maker SteelSeries for $1.3 bln.

NordicTrack owner sets up underdog IPO

29 Sep 2021

Fitness firm iFit isn’t as exciting as rival bike maker Peloton, and it doesn’t have as many subscribers. But sales are growing about as fast, margins are better and it sells bikes to gyms, an advantage as basements become a bore. Plus at $6.7 bln, it’s cheap compared to Peloton.

Time for sports data’s also-ran to Be Like Mike

21 Sep 2021

The $7.6 bln Sportradar’s shares are below last week’s IPO price, and its valuation multiple lags rival Genius Sports. On the plus side, famously competitive basketball icon Michael Jordan now advises the board. Maybe he can help it see that the businesses aren’t that different.

Federer’s sneaker IPO sets blistering pace

16 Sep 2021

Shares of On, backed by the tennis legend, soared 50% on debut, valuing the running-shoe maker at $11 bln. Rapid sales growth supports the steep valuation. But On has plenty of rivals, and its early success in China may fall foul of Beijing’s hostility to foreign brands.

Viewsroom: Bitcoin, El Salvador and Roger Federer

9 Sep 2021

As the Central American country adopts the cryptocurrency as a coin of the realm, Richard Beales and Gina Chon discuss the merits of stablecoins and the scramble by regulators to catch up with the market. Karen Kwok takes a slice at Roger Federer-backed running shoe outfit On.

Capital Calls: AMC, German pet retailer

8 Sep 2021

Concise views on global finance: The movie theater chain enjoyed bumper Labor Day attendance; a trio of private equity suitors are circling Zooplus.

Viewsroom: Scoring Ronaldo’s return to Man Utd

2 Sep 2021

Shareholders cheered the prolific Portuguese striker’s surprise decision to rejoin his former club in England. His three-year stint at Juventus, though, was hardly a clear financial victory. Plus: An $80 bln IPO valuation for electric-truck maker Rivian would be too racy.

Man Utd investors lose heads over Ronaldo signing

30 Aug 2021

The soccer club’s shareholders hailed the Portuguese striker’s return by adding $165 mln to its market value. The 36-year-old brings goals and commercial clout, but he also left former club Juventus with a higher wage bill. Investors are unlikely to share in his success.

Peloton investors rediscover gravity

27 Aug 2021

Gym-goers confined to their homes latched onto the cyber-exercise app last year, accelerating sales and use of the roughly $30 bln company's exercise machines. The cruising is over. It's no wipeout, but real-world bikers know they pay for every downhill with a climb.

Federer injects Swiss topspin into On sneaker IPO

24 Aug 2021

The trainer maker favored by The Rock and First Lady is bypassing Zurich for New York, with a mooted valuation of some $6 bln, a pack-leading 7 times sales. Athleisure wear is a crowded space, but On is growing fast. Like its marathoning clients, it’ll need endurance on its side.

Capital Calls: UK engineer bidding war, Inflation

11 Aug 2021

Concise views on global finance: U.S. aerospace group TransDigm tries to elbow out rival Parker-Hannifin with a $9.7 bln bid for Meggitt; predicting U.S. consumer prices is proving tricky.

Capital Calls: Olympics on TV, Abrdn

10 Aug 2021

Concise views on global finance: NBC Universal's prime-time viewers for the Tokyo games were only half as many as for London 2012, boding ill for traditional U.S. TV; the British asset manager formerly known as Standard Life Aberdeen may be turning the corner.

Reheated CVC soccer plan faces better Spanish odds

5 Aug 2021

The sporty buyout fund wants to invest 2.7 bln euros in La Liga, mirroring a proposal that flopped in Italy’s Serie A. At just over 10 times commercial revenue, the higher-flying Spanish league’s valuation is lower. Yet the latest deal’s chances of finding the net look safer.

Capital Calls: Twitter, Domino’s Pizza

22 Jul 2021

Concise views on global finance: Jack Dorsey’s social network reported a 74% bump in revenue despite a slowdown in adding new users; meanwhile, Domino’s Pizza shows one thing that hasn’t abated in 2021 is customers’ love of takeout pies.